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Assume now that we know that there is only 200 barrels of oil in the ground which must last society for two years. The extraction
Assume now that we know that there is only 200 barrels of oil in the ground which must last society for two years. The extraction cost is $10 per barrel. Each year,the demand for oil is, P= $30- Q/5 where Q is the quantity extracted..How many barrels ofoil will be extracted in the first year? (show steps)
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